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Type: Posts; User: delite
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down and dirty way=write off account receivable and expense bad debt deduction
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Set up a lliabilty for shipping co acceptance of liabity;the contra is your companys asset.if payment is made, reverse liability being record as income
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Your assumptions are bascillaly correct as best as I can for the parties invoved
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transfer at book value/recorder on both sets of books-a those receieving
b- those giving
of course suuch transter...
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Based on limited explantion, entires appear correct.
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Must go back to original source documents to determine wherein lies the error,once found, error can be corrected.
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Sellers of securities have a generally efficient and organized marketplace wherein buyers and sellers make offers; a price is set on this action.
Due to various SEC laws both corporate sellers and...
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The fact remain is that an llc nay be able to be treated (taxed) as corporation. I understand there is an irs form granting such election. Appreciate it if you can confirm and advise me of the form...
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LLLC
Can and LLC be taxed as a corpation and if so what is the procedure??
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For the fixed liabilities;unpaid salaries and appropriate taxes; should set up a liability for these amounts with a footnote indicating contractual ogligated. In addition compute payroll taxes o be...
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The 10column can be used for analys. For example.these analysis will prove to some degree of certainty what is approproate behavior toconsume these transactions,, ...
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If the owner plans to 1099, it can be assumed your husband is being treated as an independent contractor whether this is the correct method is not part of this discussion.no accountant should charge...
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Plenty of guidance available for sas. Also, lookj to the aicpa for more comprehensive,writings, explanations and guidance.
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The t/b is a summary for a select period in time of the business activities. It will include all profit and loss accounts, assets and liabilities and capital. The result and purpose is to show the...
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they use dummy companies with little or no capitalization. Debt is transferred to these entities. Invariably, bankruptcy ensues. The people behind this scam make big money in arranging original debt...
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There are agencies that can help. Find not-for-proift organizations and make inquiries about what they do and success history with appropriatre recommendations,,
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Request from emolyer a copy of w-2; can request a copy and/or transcript from the IRS..
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In general no. as such no tax deduction from wages for bond purchases without bonafide ira, or 401k .
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Stockholder equity, part of capital--not liability. On the balance sheet reference is made to liabilities AND stockholders equity...
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To determine estimated uncollectible accounts receivables: Analyze prior 5years of chargeoffs, determine the percentage against all trade receivables per year
Take average for 5 year period to be...
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r/e/inventory
Ditto for shrinkage...
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You may find exceptions to the previous described rule if you buy a security at a discount or a premium.
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Contact SCORE south Florida. They provide free services and can recommend an accountant who can pass their scrutiny. Score is a branch of the SBA.
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Remove inventory for shortage amount/charge shortage to cost of good sold.
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Remove invenotry for shortage amount/charge shortage to cost of good sold.
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Appears to me this is a homework assignment, if so, you may to attempt to complete as much as you can before turning it over to someone who has experitse in this area...
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Distributions should be made as. You are taxed on the net income. If distribution exceeds income, balance is a reduction and return of capital (non taxable).
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Yes you would. In essence you can set up and compute the monthly charge for depreciation, make an adjustung entry to corect the depreciation to reflect a charge to the account for 14 months.
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There is no separation of duties in an area where the company derives its prime cash flow,one person in charge can manipulate the receivables and liabilities in a format they if they wished and left...
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Make a journal entry to revers the initial transaction and a new entry to record the correct facts as indicated...
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You are quire right. However when you have a separate potrion of 200 in prepaid charges this is separate from the fob clause wherein when the goods reach the ship title is yours
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Not really a hassel. Accurals give a more accurate description of your financial positiion.for example you will have paid for certain expenses like rent and subsciptions thirty days after the first...
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no par value is intended to sell at whatever the marktet will pay. There sre no journal adjusting entires but straightforward sales with simple accounting rules. When issuing par value, this amount...
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Subtract the discount allowed for that months first, it should not be shown as an expense in another budget?
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Years back I took the kaplan review. In addition I reviewed almost to the point of memorization the last 5 years of cpa exams. Between the review and myself help I passed on the first try.you may...
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The above nemtioned costs are amortized over a period,usually leass than 5yrs. Looks up FASBS pronouncements and new regulations which address these issues. Contact the aicpa near your location for...
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Generally. Goods in transit are not treated as inventoried items. They must be received and title transferred. If you buy abroad and title passes fob in the foreign country or at the ship, for...
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I think to simplfy the process, you should reverse entires for sales and/or purchase returns. This is done by journal entires.naturally gross profit originally booked is also reversed by nature of...
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Generally pe diem expenses are not taxable to the extend you have accounted to your management for the exoenditures. This ruoes applies for all years.if your expenes
Exceed reimbursement (which may...
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Items for the p/l have a direct impact on the balance sheet. Increase or decrease in assets. Liabilities and retained must revert back to income/loss for finanacial income loss determines your...
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Again, morgaine does not answer questions, rather he raises what appears to be another question or facts not germaine to the inquiry
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It seems my response was correct, morgaine contribute nothing to the discussion
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Set up a liability to pay dividends out of current year earnings. When paymnt is made credit cash/ dr. dividend payable
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YOU WILL HAVE TO MATCH THE REIMBURSEMENT WITH PAYMENT.assuming both parties are on the same wave length this is simple poricedure
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You Need To Take An Historical Past Of Nonperforming Receivables.match This To Actual Receivalbles. Get Your Percentage. Do This For 5 Yrs And You Have Attained Enough Background To Use Study To...
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It should be classified as capitalgain it is prsumed the buyer is entering into a capital tansaction and the buyer must respect there term
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[QUOTE=kiernico]Which of the following accounts shows the total gross earnings that the employer incurs as an expense each payday? Payroll taxes, federal income taxes payable, wages expense, or...
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There is a lot going on within your family. You may want to look into reverse mortgages, which in essence provide cash flow (depending on the amount reversed) based on your needs You sit down and...
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Speak with consuelors from the school who will be able to steer you in the right direction in obtaining funding.
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